HDFC Q1 net rises 46 per cent to Rs 3,203 crore

New Delhi: The country's largest mortgage lender HDFC Ltd on Friday reported a 46% rise in standalone net profit to Rs 3,203.10 crore for the first quarter ended June 30. The company had posted a net profit of Rs 2,190 crore during the corresponding April-June period of 2018-19. Total income (Standalone) increased to Rs 12,996.11 crore in the first quarter, as against Rs 9,951.98 crore in the same period of the preceding fiscal, HDFC Ltd said in a regulatory filing.

Analysts had estimated net profit at Rs 3,125 crore. Other income rose 26% on year to Rs 58.2 million during the quarter. Profit on sale of investments in the quarter stood at Rs 1,894 crore against Rs 3,21 crore in Jan-Mar. The company did not accrue any profit in the corresponding period last year. Total expenditure, including finance cost, rose to Rs 9,011 crore from Rs 6,882 crore a year ago. Finance cost jumped 22% on year to Rs 7739 crore.

Tax outgo for the June quarter was Rs 7.82 crore as against Rs 880 crore a year ago. For the March quarter, the non-banking financial company had reported net profit of Rs 28.62 crore and total revenue of Rs 1158 crore. At 1450 IST, shares of Housing Development Finance Corp were 1.8% higher at Rs 2,124.75 on the National Stock Exchange.

(For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

Free Press Journal

www.freepressjournal.in